Oppenheimer Issues Positive Forecast for Porch Group (NASDAQ:PRCH) Stock Price

Key Points

• Oppenheimer has raised its price target for Porch Group (NASDAQ:PRCH) from $14.00 to $17.00, indicating a potential upside of 29.18% from the stock's previous close.
• Despite a recent surge, Porch Group has a current average rating of "Buy" and an overall consensus target price of $11.28 according to MarketBeat.com.
• Insider activity at Porch Group has seen significant sales, with COO Matthew Neagle selling 250,000 shares, reflecting a 17.26% decrease in his stake in the company.

Porch Group (NASDAQ:PRCH - Free Report) had its price objective boosted by Oppenheimer from $14.00 to $17.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

PRCH has been the topic of a number of other reports. B. Riley assumed coverage on shares of Porch Group in a research report on Tuesday, July 1st. They set a "buy" rating and a $15.00 target price on the stock. Benchmark reiterated a "buy" rating and set a $17.00 target price (up previously from $12.00) on shares of Porch Group in a research note on Wednesday, July 30th. Loop Capital reiterated a "buy" rating and set a $13.00 target price (up previously from $6.00) on shares of Porch Group in a research note on Wednesday, May 14th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Porch Group from $6.00 to $7.00 and gave the company a "market perform" rating in a research note on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $12.43.

Porch Group Stock Down 4.6%

Shares of PRCH traded down $0.69 during mid-day trading on Wednesday, hitting $14.20. The company had a trading volume of 1,872,765 shares, compared to its average volume of 2,020,851. The business's 50-day simple moving average is $12.11 and its 200-day simple moving average is $8.43. Porch Group has a 1-year low of $1.08 and a 1-year high of $17.38. The stock has a market cap of $1.73 billion, a PE ratio of 94.67 and a beta of 2.72.

Porch Group (NASDAQ:PRCH - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $0.03 earnings per share for the quarter, beating analysts' consensus estimates of ($0.13) by $0.16. The firm had revenue of $119.30 million for the quarter, compared to analysts' expectations of $98.06 million. Porch Group had a net margin of 12.82% and a negative return on equity of 41.71%. On average, sell-side analysts expect that Porch Group will post -0.63 earnings per share for the current year.

Insider Activity

In related news, COO Matthew Neagle sold 250,000 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $10.23, for a total value of $2,557,500.00. Following the completion of the sale, the chief operating officer owned 1,198,080 shares of the company's stock, valued at $12,256,358.40. This represents a 17.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Rachel Lam sold 25,000 shares of the business's stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $15.21, for a total transaction of $380,250.00. Following the completion of the sale, the director owned 177,991 shares in the company, valued at approximately $2,707,243.11. This trade represents a 12.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 490,000 shares of company stock worth $5,222,000. 23.32% of the stock is owned by insiders.

Institutional Trading of Porch Group

Several institutional investors and hedge funds have recently bought and sold shares of PRCH. CWM LLC grew its stake in Porch Group by 20.1% in the second quarter. CWM LLC now owns 10,485 shares of the company's stock valued at $124,000 after purchasing an additional 1,753 shares in the last quarter. Police & Firemen s Retirement System of New Jersey grew its holdings in Porch Group by 12.0% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 17,915 shares of the company's stock valued at $211,000 after purchasing an additional 1,916 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Porch Group by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,275 shares of the company's stock valued at $352,000 after purchasing an additional 2,002 shares during the last quarter. GAMMA Investing LLC grew its holdings in Porch Group by 23.7% during the first quarter. GAMMA Investing LLC now owns 12,522 shares of the company's stock valued at $91,000 after purchasing an additional 2,397 shares during the last quarter. Finally, AlphaQuest LLC acquired a new position in Porch Group during the second quarter valued at approximately $33,000. Institutional investors and hedge funds own 48.48% of the company's stock.

Porch Group Company Profile

Porch Group, Inc, together with its subsidiaries, operates a vertical software and insurance platform in the United States. The company operates in two segments, Vertical Software and Insurance. The Vertical Software segment provides software and services to inspection, mortgage, and title companies on a subscription and transactional basis, as well as move and post-move services.